Cashplus Business Account

[Supreme Clean]

Hi, does anyone know anything about these as an alternative to high street bank business accounts?

 

[eastcoastbaby]

There's Cashplus and CardOneBanking both are card business accounts and are similar. They are expensive, and can be a bit limiting depending on your business, but you can open one same day in most instances, so can be handy if you're in a hurry.

Your aim really should be to get a regular business bank account, but if you can't due to a poor a credit histroy, then you have little choice.

If you have to, then get one, run it for a while until you've got a good set of financials then reapproach the highstreet banks.

http://moneysavinganswers.com/busin...usiness-bank-accounts-explained-and-compared/

 

[Paul Kelly ICHYB]

Hiya,

if you are a premium member of Your Business Community, you get the first year fee (£69) back - see here.

 

[ZeroDouble]

I think it really depends, why are you looking to get one? As a striaght alternative they're probably not great, but if you've had problems with debt and / or bad credit then they can be useful as a stop gap until you get back on your feet and improve your credit score - switching to something better when you do.
Apart from the already mentioned moneysavinganswers.com, this site also has some useful information as well.

 

[Paul Kelly ICHYB]

ZeroDouble,

you are right, but remember, it can take weeks just getting an appointment with a bank and then another wait for the account to be opened. This gets you a working account in minutes!

 

[ballista]

Hello. We have a cashplus business account and has been faultless with no issues. We chose that option as our previous relationship with main bank broke down and we needed a straightforward account for our then online business at the time.

 

[Chris@blueorca]

Had one for a year, paid over £600 in fees for direct debits, cash and same day transfers.

They usually contact you asking for proof of invoice if a payment coming in is over £10k, that takes a few days. Money never comes in over the weekend and you must make your payments or any transfers before 3pm if they are to go in the same day.

It is an option for those who can't get a normal account but really it does much business life much harder than having a high street bank. By the way I also had my balance increased to £30k instead of 15k that they state is the maximum in the account at any one time